CFAnotes后面的两个习题

12题目：The firm has a deferred tax liability that results from accelerated depreciation for tax purpose, The firm is expected to continue to grow in the foreseeable future. How should the liability be treated for analyst purpose?

答案：It should be treated as equity as its full value. 公司continue to grow说明liability reverse的可能性很大，应该是作为liability，为什么答案是作为equity？

13题目：The firm has a deferred tax liability and is expected to have capital expenditures decline in the future. How should the liability be treated for analyst purpose?

答案：The present value should be treated as a liability with the remainder being treated as equity. 完全不理解。不知道capital expenditure 如何对DTL的Equity或者liability产生影响的，烦请详解

还请达人指教！

[此贴子已经被作者于2009-2-16 15:02:02编辑过]